Tata Consultancy signs $140 mn deal in Ecuador

Friday, 19 January 2007, 06:00 Hrs
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New Delhi: Tata Consultancy Services, a leading global information technology firm,said it had signed a $140 million pact with Ecuador's largest private bank, Banco Pichincha, to provide outsourcing solutions over five years.

The comprehensive solution being developed by Tata Consultancy would include a complete renewal of the bank's core business offerings, followed by information technology and business process outsourcing solutions, a company statement said.

Tata Consultancy will set up a new company in Ecuador, which will comprise over 500 personnel in the country supported by its offshore center in Chile as also global delivery centers across the world.

"Our entry in Ecuador is part of a long term plan to invest in and grow in the country," said Henry Manzano, chief executive for Tata Consultancy Services' operations in South America.

"We will retain all of Banco Pichincha's staff engaged in these processes and bring in our best human resources and practices worldwide to train our employees in Ecuador," he added.

Banco Pichincha has over 1.5 million clients and a loan portfolio of over $1.5 billion with more than 230 branches spanning Ecuador, Peru, Colombia, Panama, Spain and the US.

"This initiative will be a critical part of our business strategy as we continue to create excellent results in improving our business efficiency ratios," said Antonio Acosta, joint president of Banco Pichincha.
Source: IANS
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